USA: Hampton Gets $65m Re-Financing Deal
Fleet Capital Corporation, a commercial finance company, has arranged a $65m credit facility for Hampton Industries, Inc (Amex: HAI), the apparel manufacturer of brands including Nautica childrenswear and Dickies casualwear. The credit will be used to refinance existing debt. CIT Financial participated in this financing. According to Fleet senior vice president, John Scott Collins, this loan should help Hampton Industries continue to grow its business: "Hampton Industries has strong brand equity and experience in the apparel industry. This loan provides the company with the financing it needs to continue to implement its business plans." Steven Fuchs, Hampton's president, said: "We are very pleased with the new facility and the greater flexibility it provides for Hampton. As a result of last year's conversion and hurricane problems, an unusually large amount of inventory had been carried this year which led to higher borrowing levels for all of 2000. Now that almost all of the excess inventory has been sold and shipped, we expect that our borrowings will return to more normal levels by year end and next year."
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